empty
07.12.2023 09:36 AM
Analysis and trading tips for EUR/USD on December 7

Analysis of transactions and tips for trading EUR/USD

Further decline became limited because the test of 1.0781 took place when the MACD line moved downward quite sharply from zero. Sometime later, another test occurred, but this time the MACD line rose significantly from zero, limiting the upward potential.

Despite the poor ADP report, euro continued to decline because talks emerged that the ECB may be the first among major global banks to lower interest rates in March next year. The pressure may intensify today if Eurozone GDP and employment reports show a downward revision. A dovish tone of ECB Executive Board member Frank Elderson will also be a reason for a sell-off.

Germany's industrial production and Italy's retail trade volume may go unnoticed by the market.

And if traders ignore all the statistics, EUR/USD may show an upward correction.

This image is no longer relevant

For long positions:

Buy when euro hits 1.0773 (green line on the chart) and take profit at the price of 1.0801. Growth will occur after maintaining weekly lows and very good Eurozone statistics.

When buying, make sure that the MACD line lies above zero or rises from it. Euro can also be bought after two consecutive price tests of 1.0757, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0773 and 1.0801.

For short positions:

Sell when euro reaches 1.0757 (red line on the chart) and take profit at the price of 1.0719. Pressure will return in the case of weak data for the eurozone and dovish statements from ECB representatives.

When selling, make sure that the MACD line lies under zero or drops down from it. Euro can also be sold after two consecutive price tests of 1.0773, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0757 and 1.0719.

This image is no longer relevant

What's on the chart:

Thin green line - entry price at which you can buy EUR/USD

Thick green line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further growth above this level is unlikely.

Thin red line - entry price at which you can sell EUR/USD

Thick red line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further decline below this level is unlikely.

MACD line- it is important to be guided by overbought and oversold areas when entering the market

Important: Novice traders need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp fluctuations in the rate. If you decide to trade during the release of news, then always place stop orders to minimize losses. Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes.

And remember that for successful trading, you need to have a clear trading plan. Spontaneous trading decision based on the current market situation is an inherently losing strategy for an intraday trader.

Jakub Novak,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

GBPUSD: Simple Trading Tips for Beginner Traders – June 17th (U.S. Session)

The test of the 1.3559 level in the first half of the day occurred when the MACD indicator had just started moving downward from the zero mark, confirming the correct

Jakub Novak 21:06 2025-06-17 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders – June 17th (U.S. Session)

The test of the 1.1551 level in the first half of the day coincided with a moment when the MACD indicator had moved significantly below the zero mark, which limited

Jakub Novak 21:02 2025-06-17 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders on June 17. Analysis of Yesterday's Forex Trades

The test of the 143.97 level coincided with the moment when the MACD indicator had just begun to move downward from the zero line, confirming a valid entry point

Jakub Novak 08:42 2025-06-17 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on June 17. Analysis of Yesterday's Forex Trades

The test of the 1.3595 level occurred just as the MACD indicator began moving upward from the zero line, confirming a valid buy entry for the pound, which resulted

Jakub Novak 08:42 2025-06-17 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on June 17. Analysis of Yesterday's Forex Trades

The test of the 1.1588 level coincided with when the MACD indicator had just begun to move upward from the zero line, confirming a correct buy entry point

Jakub Novak 08:42 2025-06-17 UTC+2

Intraday Strategies for Beginner Traders on June 17

Pressure on risky assets returned in the afternoon of the U.S. session. This occurred right after euro and pound buyers failed to push prices to new monthly highs despite strong

Miroslaw Bawulski 08:23 2025-06-17 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders on June 16th (U.S. Session)

Trade Review and Tips for Trading the Japanese Yen The test of the 144.26 price level in the first half of the day occurred when the MACD indicator had just

Jakub Novak 19:25 2025-06-16 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on June 16th (U.S. Session)

Trade Review and Tips for Trading the British Pound The test of the 1.3575 level in the first half of the day occurred when the MACD indicator had already risen

Jakub Novak 19:22 2025-06-16 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on June 16th (U.S. Session)

Trade Review and Euro Trading Tips The test of the 1.1570 level in the first half of the day coincided with the MACD indicator having already moved significantly above

Jakub Novak 19:20 2025-06-16 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders on June 16. Analysis of Yesterday's Forex Trades

The test of the 143.94 level occurred when the MACD indicator had already moved far above the zero line, which limited the pair's upside potential. For this reason

Jakub Novak 08:55 2025-06-16 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.